The bicameral conference committee approved on Wednesday afternoon the so-called"sin tax"bill.
According to Senate Ways and Means Committee chairperson Pia Cayetano, the new tax rates are the following: - distilled spirits : P42 in 2020, P47 in 2021, P52 in 2022, P59 in 2023, and P66 in 2024, with a 6 percent indexation thereafter.- heated tobacco products : P25 in 2020, P27.50 in 2021, P30 in 2022, and P32.50 in 2023, with a 5 percent indexation thereafter
- free base : P45 in 2020, P50 in 2021, P55 in 2022, P60 in 2023, with a 5 percent indexation thereafter
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